Midday Movers: Ross Stores and Copart Jump, Applied Materials and Alphabet Drop

Key Takeaways

  • U.S. equities were little changed at midday on Friday, Nov. 17, 2023, but headed for a winning week as reports on inflation slowing lifted optimism the Fed would not hike rates.
  • Ross Stores exceeded estimates for earnings, revenue, and same-store sales as consumers looked to save money at the off-price store chain.
  • Alphabet shares sank as its Google unit said it would delay release of its artificial intelligence product to compete with OpenAI.

U.S. equities were lower and little changed at midday but heading for a winning week, boosted by reports on slowing inflation, which could keep the Fed from raising interest rates further. 

Ross Stores (ROST) was the best-performing stock in the S&P 500 as the off-price retailer beat profit, revenue, and comparable store sales estimates as inflation-weary shoppers flocked to its stores.

Shares of Copart (CPRT) also jumped as the auto reseller posted better-than-expected results as service revenue climbed. Marathon Oil (MRO) shares advanced as the energy company restarted its Galveston Bay refinery, which was damaged by a fire in May.

Applied Materials (AMAT) shares sank after a report the Department of Justice is investigating it for sending chipmaking equipment to Chinese chipmaker SMIC without export licenses.

Shares of Microsoft (MSFT) dropped after a Citi analyst said the positive catalysts that have driven the stock higher the past two to three months have ended.

Alphabet (GOOGL) shares declined after its Google unit announced a delay in the release of its Gemini AI artificial intelligence product designed to compete with OpenAI.

Oil futures gained and the price of gold was down. The 10-year Treasury note moved up. The U.S. dollar fell to the euro, pound, and yen. Most major cryptocurrencies traded in the red.


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